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Monday, July 23, 2012

Government Story behind retirement age and EPF?

Human Resources Minister Dr S Subramaniam today dismissed claims that the government is pushing up the minimum retirement age from 55 to 60 so that employees’ savings in the Employees Provident Fund (EPF) can be held longer.

Kgen Pakatan should come out with an assurance that the EPF withdrawal age will remain at 55 should they be voted into power. This will score some easy political points at the expense of BN who has no credibility left.

Kgen If you prepare the ingredients to bake a cake people know you are going to bake a cake so stop lying. There is no reason for the govt to legislate the retirement age for the private sector which has nothing to do with them unless it is for the sole purpose of linking it to EPF withdrawal.

Changeagent The title of this article should be 'Retirement age raised so gov't could hog EPF'.

Anonymous #07988903 Leave our money alone.

Anonymous_3da0 As of now it has not been raised , but after the GE anything can happen. PR had better state their stand on this, this will force BN to lie through their teeth later on. The retirement age was raised to facilitate exactly this on EPF's side !

antrax Donald Duck accidentally blurt it out!

Odin The national debt is RM471·3 billion. The off-balance sheet debt is RM96·9 billion. Najib has just got RM13·8 billion to top up his budget. The total debt is RM582 billion or 66% of GDP (RM881 billion). That is already above the statutory debt limit of 55% of GDP. Anyone with money in the EPF had better start praying very, very, very hard that it'll stay intact.12 hours ago | Report

Werewolves Pakatan, what is your stand on this issue? Can you guaranteed that the withdrawal age will not be raised?

Betul punya Satu Malaysia Subra, as Human Resource minister, you do not decide for EPF..Donald the Duck must have some insider information from Jibby who as the finance minister and Ahmad Husni with 2nd finance minister. These fellas would have made decisions without telling you which is the case for most major decisions made by the government...They were made by HUMNo ministers )Jibby, Ahmad Husni and Awang Adek (who told Donald Ducky), then informed to their Doggie colleagues from MCA, MIC, PPP and Gelakan...With the impending GE13, Jibby must have chickened out after the many comments and complaints from the older voters (especially those above 50 who forms the bulk of those still supporting BeeEnd)..

Jiminy Qrikert Keeping one's money in EPF any longer than necessary is double jeopardy. EPF fund managers need lessons in how to invest the rakyat's money. They should learn from the experts at ASB which literally guarantees dividends of between 7% and 8% every year compared to 4.5% to 5.5% for EPF. And now UMNO-BN is just waiting to return to power in GE13 after which withdrawal will be raised to 60. That's a guarantee. They will continue to cream the rakyat.

SSRAVICHANDRAN Onl;y until election time and if unfortunately UMNO BN wins we all will be in trouble.. EPF cannot withdraw until you are 60 .. GST will be implemente, Road tax and oil price will increase, etc etc all these have been postponed by UMNO BN for their own sake to win the hearts of the Rakyat.. Dont be fooled&gt;&gt; ABU ABU ABU ABUI

Nomore_1 I suppose if BN win again, then it wont be the same story anymore

Telestai! The back door Minister talks about availability talent as a pull factor but quite frankly I am sceptical. The current batch of graduates are practically unemployable by multi national companies no thanks to their poor command of English. Anyhow, it is welcome news that the Government will not be raising the age for withdrawal of our hard earned savings. I think I want them to manage my money any longer than I absolutely have to.16 hours ago | Report

myop101 Good to know, for now, the EPF withdrawal age is not raised. I would suggest that the govt consider giving options to the Rakyat to choose whether to keep their savings, in part or full, come 55 years old, in EPF.17 hours ago | Report

2zzzxxx The EPF is nothing more than the umNO government's personal piggy bank - to use as they please.17 hours ago | Report

YF The EPF is meant as a forced savings for the rakyat. It was never meant to bail out UMNO nor the govt nor their cronies. This change in direction all started with Kitul, now his minions follow his lawless trend. The same applies to the courts, authorities and everything else. No wonder Tengku does not want him to kiss his hand. He has destroyed Malaysia and created Malusia instead.17 hours ago | Report

iVoice The full withdrawal will be extended to 60 years only if BN wins next GE. But as citizens, it is better that we decide on full withdrawal at 55years by voting in the party to be in the government at our choice. Lets see which party will declare the new requirement for EPF policy in favour of Rakyat.18 hours ago | Report

Anonymous #19098644 The concern of many is that the BN Government which has drastically increased its debts will turn to EPF to fund its growing deficit. Whoever the government is should be responsible and work towards reducing the deficit. As for EPF withdrawal , some can handle investing their own money well, many might squander their money and have very little left after 60 when they retire. The solution is to allow those with less than 2 years to withdraw at 55 and for those who are now 52 years old to withdraw at 56, those who are now 51 at 58 and those who are 50 at 59 and subsequently those under 50 today to withdraw at 60 years of age. This gradual process will allow people to adjust. People are unhappy because they don't trust the BN government and even when they mean well they are distrusted . This is because they have created a situation where they now have a credibility gap.18 hours ago | Report

YF Back in the 90s, EPF was abused to bail out UMNO cronies. Today EPF is used to bail out UMNO. Guess where all the money for UMNO's "janji dilesapi" bribes been coming from?18 hours ago | Report

Blogsmith They want to but facing strong resistance, they are afraid to do so fearing voters backlash. Who believes the government and the BN people nowadays?18 hours ago | Report

YF With all this BN flip flop talking, I'm beginning to suspect that the blundering script writer for BN is qualified to write the script for the next Three Stooges episode. ONly this time we won't have Moe, Larry and Curly, we have Moo-hidden, Donald Duck and So-blur, Malusia's "The Three Loosers".18 hours ago | Report

Lin Wenquan UMNO/BN is treating EPF as a piggy bank to be broken as they wish to finance mega projects awarded to their family members and cronies as they wish. By raising the withdrawal age to 60 (according to the back-door Deputy Finance Minister) invariably means more funds available for these UMNO/BN robber barons to lay their slimy hands on. Frankly, nobody believes a word that emanates from these pathological liars. Please allow the retirees to manage their own money as they choose. And by the way, Thambi, since when has your masters practise 'adequate consultation with stakeholders' as you so glibly affirmed, in their hare-brain projects. The potential personal gains will overshadow the the moral obligation of taking the peoples' interest at heart. Sell this to your estate folks, perhaps they will believe every lie you say on your master's behalf.18 hours ago | Report

Holden What's being done to protect the employees of private sector when unscrupulous employers drag their feet in extending benefits made available to public sector? Some of the most horrendous stories of exploitation to be found in the private sector.18 hours ago | Report

blind freddo I wonder if he knows how many outsourcing services in Malaysia have gone broke or moved to India. Beats me, what business it is of government to dictate the retirement policy of non govt organisations18 hours ago | Report

Artchan The problem is that no one trust the BN govt anymore. What is there to stop them from changing the rules next year? I am inclined to believeerer that they will push the 60 year withdrawal age, as soon as the election is over if BN wins. All EPF contributors must stop the nonsense fromoting them our BN by voting them out.18 hours ago | Report

antrax robbers18 hours ago | Report

antrax After the election, the withdrawal age will be 90!!!! So Donald Duck , who is telling the truth??????18 hours ago | Report

Anonymous #27363364 So whom to believe? Donald or Subra? MCA or MIC? After GE 13 and if BN wins, 99.99999999999999999% chance that the withdrawal age will raise to 60, want to bet?19 hours ago | Report

Taikohtai Coming from a minister from a mosquito party in BN, everybody needs to take a big bowl salt along with what he spewed. Tak laku at all.19 hours ago | Report

Check The Facts Where is Donald!!??? Where is Donald!!???19 hours ago | Report

clever voter If people has lost trust in this government management of the retirement funds, it simply means we need to have it replaced. The risk is too great for these unaccountable people doing what they like with hard earned money.19 hours ago | Report

Kgen The BN liars can say anything now and change the law after the G.E. Frankly, what is the point of legislating the retirement age for the private sector to 60 if not to follow up with EPF withdrawal at 60? I'm 100% sure it is coming. The only way to stop this is top vote out this obscene govt.19 hours ago | Report

ksn No one in the govt. knows what is going on, nobody is in control of the govt., no decisions once and for. Who is speaking for the govt.? Everything will become clear once elections are held and a govt. is formed, for better or worse.19 hours ago | Report

Anticommunalist Sheezz if gomen looted my EPF then at 55 I will be on the streets lah no money !19 hours ago | Report

kolopilah Let us all remember this day July 23rd.2012 . . .19 hours ago | Report

crony-x The moment i touch 55 my EPF money will be taken out. Do not trust these buggers. 3 years a long time to wait these days!!19 hours ago | Report

somahsundram somoo Mr Human Resources Minister, what about SOCSO Act..also consequential changes not made?? Be consistent on what you say and do. stop the politics on all issues

starr It doesn't stop the Umno/BN govt from raising it at a later date, i.e. after the GE13. The point is the govt should not treat the EPF money as if it's their own. The govt are purely acting as 'trustees' and holding the money in trust for the members as beneficiaries, not to abuse it and treat it as their 'piggy bank'. Let's the govt be reminded that they own a fiduciary duty to the members as beneficiaries.19 hours ago | Report